As we can see, gold has broken above the important $1,550-$1,560 level, which will likely be the new support level. Several months ago, I thought we could see gold retrace back down to the $1,360 support area, but it looks like the market had other plans. No complaint here whatsoever. The gold price could correct lower, or move sideways, but as the global supply chain contagion continues to spread, I believe we are going to see the price move higher. So, the next important level for gold is $1,800. But, when gold finally goes above the all-time high of $1,900, its OFF TO THE RACES.
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